Segezha Group 003P-02R
32.94%
yield to worst (YTW)
cheap versus the group+124 bp
Price
97.92%
1 040 ₽ with accrued interest
Coupon
25.00%
4×/yr
Put/call
04.05.2027
11.2 y to maturity
Duration
0.5 y
price −0.4% per +1 pp of rate
Premium over OFZ
+1955 bp
over OFZ 13.39% at 0.47 yr
Credit risk
ruB
Expert RA · high
Price and premium over OFZhow the bond has traded and how much it pays over OFZ
Bond price, % of par
Incomewhat your investment will earn and when payments arrive
Yield calculator
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Effective YTM under the MOEX convention (ACT/365). The calculation runs to the put (04.05.2027) - redemption at par on the put date; coupons after the put have not been announced yet. The fair price discounts the cash flows at the yield of a comparable credit class (a reference point).
Cash flows
| Date | Coupon, ₽ | Principal, ₽ | Total, ₽ |
|---|
Coupon payments and principal repayment by date for one bond. On the chart, each bar is a year's total: the coupon is paid 4 times a year, and the bar adds up all of that year's payments. Coupons from 30.07.2027 have not been announced and are shown at the current rate as a forecast.
A bond or a deposit?
This bond
32.9%
the rate is fixed for 0.5 y
Deposit
13.1%
top-10 banks, decade 2 of October 2026
Liquidity fund
13.6%
floats with the CBR key rate
The yield is 19.9 pp above the deposit rate, and that difference is payment for the issuer's credit risk: a deposit is insured by the DIA (up to 1.4m ₽), a liquidity fund invests in short risk-free instruments, and a bond can default. The issue's credit assessment is in the credit risk traffic light above.
A pre-tax comparison. Bond coupons are taxed at 13% personal income tax — see the “After-tax yield” row in the bond parameters (≈ 26.2%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.
Issuer credit qualityrating, financials, debt, default-risk adjustment and the FairValue score
Credit risk
High
issuer rating B · default probability ≈ 11%/yr
Altman Z″ -4.37 · Distress
issuer balance sheet · RAS 2025
2.4
21
2.1
22
0.0
23
0.2
24
-4.4
25
From 2021 to 2025 the Z″ fell by 6.79 - the accounts are deteriorating before the rating reflects it
Interest coverage0.0×
Liabilities to equity1.0×
Return on sales24.3%
Figures are from the issuer's RAS statements for 2025. RAS covers a single legal entity without its subsidiaries. If the issuer is a holding company, the main business is run by subsidiaries, and the group's position is better reflected in consolidated IFRS statements.
Conclusion: Balance-sheet metrics (Altman Z″) agree with the credit rating.
Group financials and issuer debt
The issuer's debt outstanding
Circulating98.9 bn ₽of which 14.13 bn ₽ in FX (CNY)
Issues12 +3 in FX
Due within a year79%
Cost of rouble debt18.11% market 35.04%
2026
2027
2028
2029
in roublesin FX, at the Bank of Russia rate
Issues with a put are assigned to the put date rather than to maturity. All of the issuer's bonds are in the section “Issuer curve”.
Risk-adjusted yield
22.34%
without the adjustment — 32.94%: expected default losses reduce the yield by 1060 bp (1 bp = 0.01 pp)
The probability of default is 11% a year: the historical average for this rating. In a default, holders recover 30% of face value on average.
What the spread over OFZ is made of
Expected loss 1060 bp
Exit cost 36 bp
Risk premium 859 bp
FairValue score
Attractiveness score43/100
How the score is built
Cheap vs norm
86
weight 15%
Cheap vs group
79
weight 15%
Safety buffer
no signal
—
weight 25%
Liquidity
20
weight 25%
Credit quality
2
weight 20%
Peersthe issuer's other bonds and similar bonds of other issuers
Issuer curve
8 issues · Segezha.
This bond is
cheaper than its own curve (yield higher by 338 bp: an issue premium)
duration, years →
● this bond · yield, % ↑
Segezha Group 004P-01R0.2 y21.56%
Segezha Group 003P-02R0.5 y32.94%
Segezha Group 002P-04R0.6 y35.86%
Segezha Group 002P-03R0.7 y35.33%
Segezha Group 003P-06R1.1 y28.90%
Segezha Group 002P-05R1.1 y30.95%
Segezha Group 003P-08R1.3 y28.34%
Segezha Group 003P-10R1.5 y28.07%
Historywhat the bond returned in the past
Issue parametersterms, buying now, yields and spreads
Terms
Coupon25.00% a year · 4 payments/yr
Coupon, ₽62.33
Par1 000 ₽
Maturity15.01.2038 · 11.2 y
Put/call04.05.2027
Issue
Listing level3
Issue size6 bn ₽
Lot1 units
Buying now
Order book97.38 / 97.72%spread 0.34% (≈73 bp of yield)
Cost of entry≈ 174 ₽ per 100,000 ₽ · quote 27.10 20:00
Accrued interest, ₽60.96 as of 28.10.2026
Average daily turnover453.7 k ₽
Trades today86 · turnover 334.1 k ₽
Yields
Current yield25.53%
Simple yield27.92%
Yield to maturity if the 25.00% rate holds28.13%
After-tax yield26.22% / 25.22% at 15%
Spreads and valuation
Z-spread over OFZ+1950 bp
Spread over swaps (I)+1869 bp
Z-spread over swaps+1866 bp
Peer assessmentCheap +124 bp versus the group
MOEX ISS data. Not an individual investment recommendation. Yields, spreads and the fair price are calculated from the exchange quote and are for reference: a real trade goes through at the order book price and depends on the issue's liquidity. The calculations exclude broker and exchange fees; tax is shown on a separate line and simplified (no accrued interest at purchase).